Hog Prices Hit 6 Month Low
Michael Seery of Seery Futures - InsideFutures.com - Thu Feb 07, 4:06PM CST

Lean Hog Futures---Lean hog futures in the April contract were sharply lower down another 130 points at 59.60 negative for the 3rd consecutive session continuing its bearish trend hitting a 6 month low.

I'm not involved in this market, but I do believe lower prices are ahead as I would be surprised if prices don't test the July 11th low of 57.80 as an agreement between China & the U.S does not look to be in the cards anytime soon as that sent many of the agricultural markets sharply lower in today's trade.

The hog market is trading far below its 20 and 100 day moving average as clearly this trend is very bearish as it's going in the opposite direction of live cattle which is right near a contract high as weak demand & oversupply issues continue to weigh on this market so if you are short stay short in my opinion.

Volatility in hogs is pretty much average as prices topped out in late November around the 72.50 level. The trend is your friend in the commodity markets and when a market hits a contract low the theory states that further contract lows will be ahead.

Also when a market hits a contract high the theory states that further contract highs will be hit in the coming days ahead so don't catch a falling knife as this market looks very weak at this time.




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